The monthly New York Fed inflation expectations survey is out and it's dovish:
- 1-year seen at 3.0% vs 3.4% prior
- Three year seen at 2.6% vs 3.0% prior
- Five years seen at 2.5% vs 2.7% prior
- Median expected home price change 3.0% vs 3.0% prior
The spell of inflation may finally be broken.
This is an important survey for the Fed and should give the confidence in a pivot, or 'toggle' as Barkin called it last week.
